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Porsche sells stakes in Bugatti owner Rimac
(Sharecast News) - Luxury automaker Porsche said it was selling its stakes in Bugatti Rimac and Rimac Group to a consortium led by HOF Capital, a New York-based investment firm.
Porsche and Rimac established Bugatti Rimac as a joint venture in 2021 to serve as home to the iconic Bugatti brand with Porsche holding a minority stake of 45%.
The German firm will also sell its 20.6% stake in Rimac Group to the HOF Capital-led consortium which includes BlueFive Capital as its largest investor, as well as a group of institutional investors across the US and EU.
"Following completion, Rimac Group is set to take control of Bugatti Rimac and form a strategic partnership with HOF Capital and BlueFive Capital to support its continued growth," the company said in a statement on Friday.
Reporting by Frank Prenesti for Sharecast.com
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